Thursday, August 6, 2009
Above are the weekly and the Daily SPX Ichimoku charts. Both remain Bullish, but it will not take much to turn them Bearish. The Bears had their way for the second day in a row but daily candle is indecisive. Tenkan-sen is at 987, and it may offer support. The weekly Kumo will probably offer support near 956. That's the chart with the large orange Kumo.
Rich is back and since he did a really fine job of showing his count I'll simply refer you to The Elliott Wave Index Trader.
It looks like the Euro is going to cooperate with the Bears. We have a lot of empty space down below, and I expect both markets to begin taking profits. This is the 30 minute EUR/USD and a large Kumo sits ahead ready to push the price down into a new downward channel. By morning we will know if this is correct.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 19:11